Granite Announces 2022 Second Quarter Results, the Closing of $38.6 Million of New Acquisitions, $129.1 Million of Completed Developments and Expansions Adding 1.0 Million Square Feet of GLA, and the Issuance of its 2021 Global ESG+R Report
Summary
The 5.1 acre site contains excess land for which the tenant has a contractual expansion option for 0.03 million square feet, which will stabilize the property at a capitalization yield of approximately 5.9%. The recently developed Barge Terminal Tilburg offers daily shipments to Rotterdam, and the Railport Brabant has direct access to Central, Southern and Eastern Europe. Granite is a Canadian-based REIT engaged in the acquisition, development, ownership and management of logistics, warehouse and industrial properties in North America and Europe. Granite considers FFO to be a meaningful supplemental measure that can be used to determine the Trust’s ability to service debt, fund capital expenditures and provide distributions to stapled unitholders. Granite calculates AFFO as net income attributable to stapled unitholders including all adjustments used to calculate FFO and further adjusts for actual maintenance capital expenditures that are required to sustain Granite’s productive capacity, leasing costs such as leasing commissions and tenant allowances incurred and non-cash straight-line rent and tenant incentive amortization, net of non-controlling interests in such items.